FI PARTNERS LTD.

What FI PARTNERS LTD. does

FI Partners Ltd. is an entrepreneurial private equity firm based in Toronto, Ontario, that acquires and operates profitable Canadian small-to-medium-sized businesses. Founded by Justin Dumitrescu in 2016, the firm pursues an operator-investor model in which the founder combines capital with hands-on operational involvement, targeting businesses with strong value propositions in sectors including consumer retail, beauty, and food & beverage. The firm addresses Canadian business owners seeking liquidity events, succession planning, or operational partnership for brand transformation and EBITDA growth.

The business generates returns through majority-stake acquisitions, operational enhancement during the hold period, and eventual divestiture to private equity firms or strategic acquirers. Revenue is realized through capital gains, dividends, and EBITDA improvement rather than through management fees on a traditional fund structure — the firm operates without disclosed institutional limited partners or fund vehicles. Deal sourcing relies on direct outreach, founder relationships, and inbound inquiries via a basic website (fipartners.ca) and direct contact channels.

FI Partners has no technology product, no proprietary software platform, and no AI or data infrastructure. The firm's competitive identity rests entirely on the founder's demonstrated track record: a 2014 acquisition of Caryl Baker Visage (a 50-year-old consumer beauty business with 30 retail locations) that was transformed and sold to a PE buyer in 2019, and the 2020 launch and 2024 exit of STEL+MAR Wines, a millennial-focused wine brand distributed across North America. The firm currently operates without disclosed headcount, revenue, fund size, or active portfolio company, with stated intent to pursue new acquisitions following the founder's full-time refocus in 2024.

Name

FI PARTNERS LTD.

Legal name

FI Partners Ltd.

Website

https://fipartners.ca

Company type

Private

Founded year

2016

Operating status

Operating

Short description

FI Partners is a Toronto-based entrepreneurial private equity firm founded by Justin Dumitrescu that acquires and operates profitable Canadian small-to-medium-sized businesses, targeting owners seeking liquidity, succession, or operational partnership across consumer sectors.

Ownership category

akta.pro rank

Product category

Private Equity Investing

NAICS

Miscellaneous Intermediation (52391)

akta.pro primary industry

Venture Debt Providers (FSANAAAL)

Keywords

• Private equity acquisitions
• Canadian SMB investing
• Operator-led investing
• Business transformation
• Lower middle market

Headquarters

HQ city

North York

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Private Equity Investment Returns: FI Partners generates returns by acquiring majority stakes in profitable Canadian businesses, operating them to enhance value through strategic initiatives, and eventually selling to private equity firms or strategic acquirers. Revenue is realized through capital gains, dividends, and EBITDA improvement during the hold period.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

FI Partners is an entrepreneurial private equity firm that acquires majority stakes in profitable Canadian small-to-medium-sized businesses and actively operates them to enhance value. The firm targets established businesses with strong value propositions across consumer-facing sectors and exits through sale to other private equity firms or strategic acquirers, generating returns through capital gains, dividends, and EBITDA improvement during the hold period.

Product overview

FI Partners is an entrepreneurial private equity firm that invests in successful Canadian businesses. The firm does not offer a traditional product or service portfolio — it is a financial investment company that acquires and operates established businesses with strong value propositions. The company was founded by Justin Dumitrescu, who previously acquired and operated Caryl Baker Visage (a 50-year-old consumer beauty business with 30 retail locations) and co-founded STEL+MAR Wines (a millennial-focused wine brand sold throughout North America).

Differentiator

Problem solved

Functional benefit

Products and services

• Private Equity Acquisition and Operating Partnership

Quantifiable outcome

• CBV achieved significant growth in revenue, same store sales, EBITDA and margins over 6 years under Justin's leadership

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Wynnchurch Capital: North American middle-market PE firm focused on operational value creation in established businesses. Comparable operator-investor thesis and lower-middle-market focus, though US-centric and at greater scale than FI Partners.
• Onex Corporation: Largest Canadian-headquartered PE firm with a global buyout mandate. Overlaps with FI Partners in operator-led value creation and Canadian orientation but operates at substantially larger scale and across more verticals.
• Searchlight Capital Partners: Global investment firm with operations in Toronto. Has Canadian middle-market PE exposure; comparable in its focus on established businesses but broader in mandate and significantly larger in fund size.

Regional players

• Imperial Capital Group: Toronto-based merchant banking firm engaged in principal investing and advisory for mid-market Canadian businesses. Comparable Canadian mid-market focus and principal-investor orientation, with overlapping seller relationships.
• Persistence Capital Partners: Canadian private equity firm focused on growth and lower-mid-market healthcare and consumer businesses. Comparable in Canadian regional focus and SMB mandate, though narrower sector specialization than FI Partners' generalist approach.
• Crown Capital Partners: Canadian specialty finance and investment firm providing capital to mid-market Canadian businesses. Adjacent in target geography and SMB mandate, though more capital-structure focused than operating-focused PE.

Emerging players

• Pelican Ventures: Canadian lower-middle-market investment firm focused on founder-, family-, and entrepreneur-led businesses. Closely comparable in size, founder-led structure, and Canadian SMB acquisition thesis to FI Partners.

Direct peers

• Novacap: Canadian private equity firm focused on middle-market companies across multiple sectors. Comparable Canadian mid-market PE mandate; Novacap has broader sector coverage and more institutional scale than FI Partners.
• Clairvest Group: Toronto-based private equity firm investing in mid-market businesses, often with founder/management partnerships. Directly comparable geography (Canada), check size band, and partner-driven approach, though Clairvest is significantly larger with multiple funds raised.
• Birch Hill Equity Partners: Canadian mid-market private equity firm focused on partnering with management teams to acquire and grow North American businesses. Highly comparable to FI Partners in target profile (profitable, Canadian-oriented SMBs) and lower-middle-market check size, but more established with a longer track record and institutional fund structure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FI PARTNERS LTD.